Do your business processes feel messy, unpredictable, and full of friction? Are key customer-impacting workflows like account opening, claims, and customer service plagued by manual work, bottlenecks, and lack of visibility?
Are employees spending more time firefighting and fixing process issues than innovating and adding value?
You're not alone – many financial services institutions grapple with these challenges due to fragmented legacy IT systems and undocumented processes that grew organically over decades.
As organizations continue to plan their digital transformation strategies, two game-changing technologies are a must to smooth out your workflows: process mining and intelligent document processing (IDP).
This post highlights what you'll learn when you join me for a webinar on January 18. We're partnering with ABBYY, a leader in the process mining and IDP space, to bring you:
Transform Customer Engagement: Unleashing Process Mining in Financial Transactions.
Process Mining: X-Ray Vision into Workflows
Process mining uses the digital footprint and data trails your systems already generate to map out exactly how work gets done from end to end. It visually reconstructs real processes, warts and all, no guessing required.
Algorithms analyze system event logs to build comprehensive process models. Suddenly you can "see" your workflows in action and identify broken, inefficient areas.
Common findings from process mining include:
Steps executed out of order from the ideal process flow
Massive delays and bottlenecks at specific handoffs
Critical deviations impacting compliance
Tasks with no clear owner and accountability
Replication of effort across departments
With this unprecedented visibility, you gain critical insights to streamline and automate processes.
Intelligent Document Processing: Your Data Workhorse
While process mining maps the workflow, intelligent document processing (IDP) handles the content flowing through it. IDP eliminates tedious manual data entry by using AI to instantly extract typed or handwritten data from paper or digital files.
Machine learning models can classify different document types like claims forms, contracts, applications etc. They then auto-populate your business systems by extracting and structuring key fields through optical character recognition.
This turns documents into a source of high-quality structured data rather than a blocker in digital workflows.
Combine Process Mining and IDP for Peak Efficiency
Together, process mining and IDP provide end-to-end workflow visibility and automation. Just imagine:
Mapping processes accurately in days instead of months
Client onboarding finalized in hours instead of weeks
Auto-extracted data from documents feeding backend systems
Less administrative effort on repetitive manual work
You can also continuously improve by using process analytics to model changes and monitor for new bottlenecks after automation. This allows optimization at scale.
This is the future of efficient work in financial services - and it's here now with process mining and IDP.
Discover how to assess your automation opportunities, prioritize processes, build ROI calculations, and choose solutions.
I look forward to sharing more with you on the 18th!